Kenorland Minerals Expands Portfolio in the Western Wabigoon Subprovince
Kenorland Minerals Expands Portfolio in the
Western Wabigoon Subprovince
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2024) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") is pleased to announce that it
has entered into two option agreements (collectively the
"Agreements"
) to acquire a 100% interest in
the Stormy Project and the Goldstorm Project (the
"Optioned Projects"
) located within the Western
Wabigoon geologic subprovince of Ontario, Canada, near the Company's Western Wabigoon Project
(the
"Project"
).
Figure 1. Geological map illustrating Kenorland's project locations in the West Wabigoon
Subprovince
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6489/194675_88f6ad19c4546a9d_001full.jpg
Zach Flood, President and CEO of Kenorland Minerals, states,
"We're very excited to grow our already
expansive exploration footprint in Western Ontario. We're currently planning large-scale systematic
geochemical and prospecting surveys across all of our projects in the region for the upcoming
summer field season. This approach is in-line with Kenorland's broader exploration strategy of
pursuing new discoveries in areas we believe are under-explored."
Terms of the Agreements
Pursuant to the Agreements, the Company is granted the option to acquire a 100% interest in the
Optioned Projects by making a series of cash payments and issuances of common shares of the
Company (
"Shares")
over a 3-year and 4-year period as follows:
Stormy Project
$25,000 cash payment due upon the extension of the claim anniversary by 12 months;
$50,000 (distributed as 50% cash and 50% Shares) on the 1st anniversary of the Stormy
Agreement;
$60,000 (distributed as 50% cash and 50% Shares) on the 2nd anniversary of the Stormy
Agreement;
$75,000 (distributed as 50% cash and 50% Shares) on the 3rd anniversary of the Stormy
Agreement; and
$100,000 (distributed as 50% cash and 50% Shares) on the 4
th
anniversary of the Stormy
Agreement.
Additionally, the Company will grant a 1.5% net smelter return royalty on the Stormy Project with a 0.5%
buyback provision, exercisable by the one-time payment of $1,000,000 in cash.
Goldstorm Project
An initial signing payment of $200,000 (distributed as 25% cash and 75% Shares), with such
Shares to be issued upon the extension of the claim anniversary by 9 months;
$200,000 (distributed as 25% cash and 75% Shares) on the 1st anniversary of the Goldstorm
Agreement;
$250,000 (distributed as 40% cash and 60% Shares) on the 2nd anniversary of the Goldstorm
Agreement; and
$300,000 (distributed as 50% cash and 50% Shares) on the 3rd anniversary of the Goldstorm
Agreement.
Additionally, the Company will grant a 1.5% net smelter return royalty on the Goldstorm Project with a
0.5% buyback provision, exercisable by the one-time payment of $1,000,000 in cash.
All common shares of Kenorland issuable pursuant to the Agreements will have a deemed issuance
price equivalent to the market price of such Shares at the time of issuance. The Shares will also be
subject to a four-month and one day resale restriction from the date of their issuance. The Agreements
and the issuance of the Shares thereunder are subject to the approval of the TSX Venture Exchange.
About the Optioned Projects
The consolidated land package encompasses approximately 40km strike length of the Mosher Bay-
Washeibemaga Deformation Zone (MBWDZ), a major, crustal scale east-trending deformation zone
within the Western Wabigoon Subprovince. The MBWDZ is marked by the syn-orogenic, Timiskaming-
like polymictic conglomerate to coarse sedimentary and volcanic rocks of the Stormy Lake group, that
juxtaposes older mafic volcanic rocks of the Boyer Lake group to the north and the Wapageisi group to
the south.
The newly optioned land package, covering 25,400 hectares of ground, compliments Kenorland's 100%
owned projects located in Western Ontario, including the Flora Project (47,800 hectares), the Western
Wabigoon Project (58,900 hectares), and the Algoman Project (78,600 hectares), covering several
regional scale structures within the Western Wabigoon and Marmion Subprovinces. In addition to the
prospective geology, Kenorland believes that these project areas, totaling 210,700 hectares, are under-
explored and is planning a number of large-scale systematic regional geochemical surveys to be
completed during the 2024 summer field season.
Qualified Person
Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824) and
Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), each a "Qualified Person" under National Instrument 43-
101, has reviewed and approved the scientific and technical information in this press release.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSX.V KLD) is a well-financed mineral exploration company focussed on
project generation and early-stage exploration in North America. Kenorland's exploration strategy is to
advance greenfields projects through systematic, property-wide, phased exploration surveys financed
primarily through exploration partnerships including option to joint venture agreements. Kenorland holds
a 4% net smelter return royalty on the Frotet Project in Quebec which is owned by Sumitomo Metal
Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by
Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British
Columbia, Canada.
Further information can be found on the Company's website
www.kenorlandminerals.com
.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Investor Relations Manager
Tel +1 604 568 6005
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together,
"forward-looking statements") within the meaning of applicable securities laws. All statements, other
than statements of historical facts, are forward-looking statements. Generally, forward-looking
statements can be identified by the use of terminology such as "plans", "expects', "estimates",
"intends", "anticipates", "believes" or variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward
looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause
actual results, performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking statements. Although the Company believes that the assumptions
and factors used in preparing these forward-looking statements are reasonable based upon the
information currently available to management as of the date hereof, actual results and developments
may differ materially from those contemplated by these statements. Readers are therefore cautioned
not to place undue reliance on these statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed times frames or at all.
Except where required by applicable law, the Company disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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